Montag & Caldwell LLC Has $53,466,000 Stake in Abbott Laboratories (ABT)
Montag & Caldwell LLC reduced its stake in shares of Abbott Laboratories (NYSE:ABT) by 56.4% during the second quarter, according to its most recent disclosure with the SEC. The institutional investor owned 1,360,115 shares of the healthcare product maker’s stock after selling 1,755,905 shares during the period. Montag & Caldwell LLC’s holdings in Abbott Laboratories were worth $53,466,000 at the end of the most recent quarter.
A number of other institutional investors have also made changes to their positions in the stock. Parasol Investment Management LLC boosted its position in shares of Abbott Laboratories by 30.5% in the second quarter. Parasol Investment Management LLC now owns 2,570 shares of the healthcare product maker’s stock valued at $101,000 after buying an additional 600 shares during the period. SeaBridge Investment Advisors LLC boosted its stake in Abbott Laboratories by 10.6% in the second quarter. SeaBridge Investment Advisors LLC now owns 2,875 shares of the healthcare product maker’s stock valued at $113,000 after buying an additional 275 shares during the period. CapWealth Advisors LLC boosted its stake in Abbott Laboratories by 15.2% in the first quarter. CapWealth Advisors LLC now owns 3,038 shares of the healthcare product maker’s stock valued at $127,000 after buying an additional 400 shares during the period. Delta Asset Management LLC TN boosted its stake in Abbott Laboratories by 2.8% in the second quarter. Delta Asset Management LLC TN now owns 3,695 shares of the healthcare product maker’s stock valued at $146,000 after buying an additional 100 shares during the period. Finally, Cribstone Capital Management LLC purchased a new stake in Abbott Laboratories during the second quarter valued at $150,000. Hedge funds and other institutional investors own 73.00% of the company’s stock.
Abbott Laboratories (NYSE:ABT) traded down 0.49% during mid-day trading on Monday, reaching $40.59. 7,252,727 shares of the company were exchanged. The stock has a 50-day moving average price of $41.89 and a 200 day moving average price of $41.37. The company has a market capitalization of $59.67 billion, a PE ratio of 26.79 and a beta of 0.87. Abbott Laboratories has a one year low of $36.00 and a one year high of $46.38.
Abbott Laboratories (NYSE:ABT) last issued its quarterly earnings results on Wednesday, July 20th. The healthcare product maker reported $0.55 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.53 by $0.02. The company earned $5.30 billion during the quarter, compared to analyst estimates of $5.24 billion. Abbott Laboratories had a net margin of 11.08% and a return on equity of 15.11%. Abbott Laboratories’s quarterly revenue was up 3.2% compared to the same quarter last year. During the same period last year, the business earned $0.52 EPS. Analysts predict that Abbott Laboratories will post $2.20 EPS for the current year.
The firm also recently declared a quarterly dividend, which will be paid on Tuesday, November 15th. Investors of record on Friday, October 14th will be paid a $0.26 dividend. The ex-dividend date of this dividend is Wednesday, October 12th. This represents a $1.04 annualized dividend and a dividend yield of 2.56%. Abbott Laboratories’s payout ratio is 68.87%.
ABT has been the subject of several recent analyst reports. Bank of America Corp. reiterated a “buy” rating and set a $50.00 price objective on shares of Abbott Laboratories in a research report on Friday, August 12th. Zacks Investment Research cut shares of Abbott Laboratories from a “buy” rating to a “hold” rating in a research report on Tuesday, October 4th. Edward Jones upgraded shares of Abbott Laboratories from a “hold” rating to a “buy” rating in a research report on Tuesday, June 21st. Jefferies Group increased their price objective on shares of Abbott Laboratories from $49.00 to $52.00 and gave the stock a “buy” rating in a research report on Thursday, August 4th. Finally, BTIG Research reiterated a “buy” rating and set a $45.00 price objective on shares of Abbott Laboratories in a research report on Wednesday, August 10th. Seven investment analysts have rated the stock with a hold rating, sixteen have given a buy rating and one has given a strong buy rating to the stock. The company presently has a consensus rating of “Buy” and a consensus price target of $47.02.
In related news, SVP Daniel Gesua Sive Salvadori sold 815 shares of the stock in a transaction dated Monday, September 26th. The shares were sold at an average price of $41.71, for a total value of $33,993.65. Following the completion of the transaction, the senior vice president now directly owns 59,791 shares in the company, valued at approximately $2,493,882.61. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, Chairman Miles D. White purchased 242,547 shares of the firm’s stock in a transaction that occurred on Monday, July 25th. The stock was acquired at an average price of $43.18 per share, with a total value of $10,473,179.46. Following the completion of the purchase, the chairman now owns 2,010,517 shares in the company, valued at $86,814,124.06. The disclosure for this purchase can be found here. 0.26% of the stock is currently owned by corporate insiders.
Abbott Laboratories Company Profile
Abbott Laboratories (Abbott) is engaged in the discovery, development, manufacture and sale of a line of healthcare products. The Company operates in four business segments: Established Pharmaceutical Products, Diagnostic Products, Nutritional Products and Vascular Products. The Established Pharmaceutical Products segment includes the international sales of a line of branded generic pharmaceutical products.
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